Onespan Inc. · NASDAQ:OSPN
Onespan — Q4 2025 Earnings Presentation
28 slides from Onespan's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation – Q4 & FY 2025
Investor Presentation – Q4 & FY 2025 February 26, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding our 2026 financial guidance and our general goals and expectations regarding our operational or financial performance in the future.
Slide 3: Company Overview
Company Overview O OneSpan
Slide 4: OneSpan At a Glance
OneSpan At a Glance1 Two Divisions Cybersecurity Digital Agreements Revenue AEBITDA2 FCF2 $243M $78M $50M 73% 27% Revenue Split Software3 ARR2 Cash & Eq. 80% $187M $70M Returned $32M to Shareholders in 2025 • $18.5M in dividends paid ($0.12 per share quarterly dividend)4 • $13.1M used to repurchase
Slide 5: Cybersecurity Division
Cybersecurity Division Industry Leader in Securing Digital Banking Transactions • Trusted by the who’s who of global banks to protect identities, safeguard mobile apps, and secure high value digital transactions from sophisticated attacks • Improved margin profile – secular shift to software from ha
Slide 6: Digital Agreements Division
Digital Agreements Division Enterprise-Class Solutions with Strong Presence in BFSI Industries • Robust security, white-labelling and pricing model differentiate OneSpan Sign from peers • Land and expand SaaS model • Focus on new logos, customer expansion and profitable growth E-Signatures Identity
Slide 7: Trusted Technology Partner to Global Blue-Chip Enterprises
Trusted Technology Partner to Global Blue-Chip Enterprises – Including more than 60% of the World’s 100 Largest Banks Other Financial Healthcare, Telecom & Banking Insurance Government Services Other PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED 7
Slide 8: GTM Focused on Enterprise Sales and Growing Partner Network
GTM Focused on Enterprise Sales and Growing Partner Network CUSTOMER SEGMENTATION BASED ON EMPLOYEE COUNT OSPN SALES FOCUS1 PARTNER COVERAGE Tiers Efficient Resource Global System Resellers & Platform (Employee Count) Allocation with Sellers Integrators Distributors Partners Large Enterprise SAM 100
Slide 9: Transforming to Drive Profitable, Long-Term Growth
Transforming to Drive Profitable, Long-Term Growth 2026+: Committed to driving efficient revenue growth while maintaining strong profitability and cash generation, and returning capital to shareholders • Expand existing and drive new customer relationships • Continue to innovate and expand product p
Slide 10: Software/Hardware Mix & Gross Margin Profile
Software1/Hardware Mix & Gross Margin Profile 20252 Software 2024 % of Total Revenue 20% 2023 80% 24% 76% Revenue 32% $243M 68% Revenue $243M Revenue $235M Gross 67% 72% 74% Margin 1 Software includes subscription, maintenance and support, and professional services and other revenue. 2 Data include
Slide 11: Adjusted EBITDA & Cash Flow
Adjusted EBITDA & Cash Flow Adjusted EBITDA1,2,3 Operating Cash Flow1 Free Cash Flow1,2 $73M $78M $56M $59M 32% $46M $50M 30% 24% 23% 19% 21% $13M 5% $(11M) $(23M) -5% -10% FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 1 The increase in FY 2024 adjusted EBITDA, operating ca
Slide 12: Financial Highlights & Outlook
Financial Highlights & Outlook
Slide 13: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights1 $243M $78M $1.49 $70M Revenue Adjusted EBITDA2 Non-GAAP EPS2 Cash and Equiv. (32% margin) No long-term debt $156M $187M 104% $0.48 Subscription Revenue ARR2 NRR2 Dividend3 (12% growth) (11% growth) 1 Includes the acquisition of Nok Nok Labs, which closed in Q2 20
Slide 14: Total Company Revenue
Total Company Revenue Q4 2025 YoY Comparison1 Full Year 2025 YoY Comparison1 $243M $243M $61M $63M $184M $194M $47M $49M $14M $14M $59M $49M Q4 2024 Q4 20252 FY 2024 FY 20252 Q4 2025 revenue increased 3% y-o-y driven primarily by 11% FY 2025 revenue was flat with the prior year. 7% growth in growth
Slide 15: Cybersecurity Revenue
Cybersecurity Revenue Q4 2025 YoY Comparison1 Full Year 2025 YoY Comparison1 $45M $182M $178M $45M $123M $129M $31M $31M $59M $14M $14M $49M Q4 2024 Q4 20252 FY 2024 FY 20252 Q4 2025 Cybersecurity revenue was flat with the prior year quarter. FY 2025 Cybersecurity revenue declined 2% y-o-y primarily
Slide 16: Digital Agreements Revenue
Digital Agreements Revenue Q4 2025 YoY Comparison1 Full Year 2025 YoY Comparison1 $65.5M $61.0M $17.5M $15.7M Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2025 Digital Agreements revenue increased 11% y-o-y FY 2025 Digital Agreements revenue increased 7% y-o-y driven driven by 14% subscription revenue growth,
Slide 17: FY 2025 ARR Growth
FY 2025 ARR Growth Cybersecurity1 Digital Agreements Total Company1 (12% growth) (10% growth) (11.5% growth) $187M $120M $168M $107M $67M $61M FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 1 Includes the acquisition of Nok Nok Labs, which closed in Q2 2025. PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS
Slide 18: 2026 Guidance Metrics
2026 Guidance Metrics1 FY 2026 Metric FY 2025 Guidance Software & $194M $201M - $204M Services Revenue* Hardware Revenue $49M $43M - $45M Total Revenue $243M $244M – $249M Adjusted EBITDA2 $78M $64M – $68M ARR3 $187M $192M – $196M * Software & Services Revenue includes subscription, maintenance and
Slide 19: FY 2026 Guidance Metrics and Prior Year Results
FY 2026 Guidance Metrics and Prior Year Results Revenue1 Adjusted EBITDA1,2,3 ARR1,3 $244M – $192M – $243M $243M $249M $196M $235M $187M $78M $64M – $168M $73M $68M $155M $13M FY23 FY24 FY25 FY26E FY23 FY24 FY25 FY26E FY23 FY24 FY25 FY26E Software & Services Hardware 1 Includes the acquisition of No
Slide 20: Appendix
Appendix O OneSpan
Slide 21: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA5 (in thousands, unaudited) Three months ended Years Ended December 31, December 31, 2024 2025 2024 2025 Net income (loss) $ 28,788 $ 43,543 $ 57,082 $ 72,904 Interest income, net (561) (173) (1,807) (1,985) Benefit from income taxes (15,253) (31,022) (
Slide 22: Reconciliation of Net Income to Non-GAAP Net Income
Reconciliation of Net Income to Non-GAAP Net Income (in thousands, except per share data; unaudited) Three months ended Years Ended December 31, December 31, 2024 2025 2024 2025 Net income $ 28,788 $ 43,544 $ 57,082 $ 72,904 Benefit from income taxes (15,253) (31,022) (10,595) (23,542) Income loss b
Slide 23: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (in thousands, unaudited) Three months ended Years Ended December 31, December 31, 2024 2025 2024 2025 Net cash provide by operating activities $ 12,426 $ 12,569 $ 55,667 $ 59,454 1 Purchases of property and equipment (1,972) (2,941) (9,245) (8,959) Free Cash Flow $ 10,
Slide 24: Definitions
Definitions ARR, or Annual Recurring Revenue, is calculated as the approximate annualized value of our customer recurring contracts as of the measurement date. These include subscription, term-based license, and maintenance and support contracts and exclude one-time fees. To the extent that we are n
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP financial metrics, namely Adjusted EBITDA, Non-GAAP Net Income, Non-GAAP Net Income Per Diluted Share, and Free Cash Flow. Our management believes that these measu
Slide 26: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued Non-GAAP Net Income and Non-GAAP Net Income Per Share are defined as net income or net income per diluted share, as applicable, before the consideration of long- term incentive compensation expenses, the amortization of intangible assets, restructuring costs, a
Slide 27: Copyright and Trademarks
Copyright and Trademarks Copyright© 2026 OneSpan North America Inc., all rights reserved. OneSpan®, the “O” logo, “BE BOLD. BE SECURE.” , Nok Nok Labs and DIGIPASS® are registered or unregistered trademarks of OneSpan North America Inc. or its affiliates in the U.S. and other countries. Any other tr
Slide 28: OneSpan
OneSpan